Germany
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KfW made a strong return to the Canadian dollar market on Thursday after 3.5 years away from the currency, as it tightened pricing on its comeback deal. The German agency came alongside a green bond in the currency from a Canadian province. -
Deutsche Bank has pulled about $5.25bn equivalent of non-preferred senior funding out of the market in the past two weeks, stomaching higher funding costs than some of its peers. The bank’s treasurer told GlobalCapital this week that it was prudent to step into the market now, with the issuer having cut through half of its target for loss-absorbing debt issuance in 2019.
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KfW and Québec will bring Canadian dollar bonds to the market on Thursday, with the former looking to issue in the currency for the first time since 2015.
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German car leasing company Sixt has launched a Schuldschein with an initial size of €200m, according to two Schuldschein market participants.
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German borrowers are finally warming to the idea of taking out loans linked to environmental, sustainable and governance (ESG) targets, and a confluence of complementary factors could serve to strap a rocket to deal volumes.
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KfW found plenty of appetite in the sterling market on Monday, allowing it to increase its target size during the book build for a tap, before printing an even larger size of £750m. FMS Wertmanagement will add to the sterling supply on Tuesday after picking banks for its second fixed rate benchmark in the currency this year.
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Germany’s Railpool has signed green financing totalling more than €800m, as loans bankers say sustainability-linked facilities are becoming more popular with German borrowers after largely being ignored until now.
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Shares in Symrise, the German supplier of food flavouring and fragrances, rose as much as 2.1% on Friday morning after the company completed a €400m capital increase to finance its acquisition of International Dehydrated Foods in the US.
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KfW set yet another landmark for a supranational and agency sterling market enjoying its best ever start to the year, as the German borrower drew a big book while placing the longest dated new issue of the year so far on Wednesday.
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The theme in the euro public sector market this week was large book sizes despite issuers paying very little concession, with Finland, the European Investment Bank (EIB), Madrid and the Joint Länder all keeping close to their curves.
